Thank you, and good morning, everyone. Joining me is our CFO, Derek Harding, who is currently in Atlanta. We are delighted to be announcing the acquisition of Micromeritics today. It's a business that fits perfectly with our strategy of compounding growth and generating strong value creation for our customers and shareholders through M&A. The combination of Micromeritics, together with our Malvern Panalytical business, will create the global market leader in particle characterization for advanced materials analysis, with a highly differentiated offering and a strong competitive position. Micromeritics is a proven, high-growth, high-quality business, and we've been tracking its progress and building a relationship with its management, who we really rate, for a number of years. As we've known, it'd be a great addition to Malvern Panalytical, as it is truly complementary, with immediate and strong cross-selling opportunities. Micromeritics will also strengthen Spectris' position in a number of key end markets, which are benefiting from long-term, secular, and sustainability growth trends, as well as accelerating sales of each other's offerings. Micromeritics has a strong track record of growth. It's delivered compound annual sales growth of 17% between 2021 and 2024, and it has sales expected to grow well above 10% over the next few years. Its margins are in excess of our medium-term group target, with an EBITDA margin of 25% expected this year. More so, we anticipate the total addressable market for Micromeritics to grow at 11% all the way through to 2028. The addition of Micromeritics to Malvern Panalytical's portfolio is highly value-creating, with a substantial uplift in profitability associated with both cost and revenue synergies. We expect EBITDA cost synergies of $12 million, with an equivalent amount of EBITDA to be generated from revenue synergies. As usual, the deal is subject to customary regulatory approvals and conditions and is expected to complete by the end of the third quarter. As I've just said, the acquisition of Micromeritics fits perfectly with our strategy to build world-class businesses, compounding growth, and generating strong value creation for our customers and shareholders alike. Micromeritics, we are acquiring an established business of scale, which represents the most attractive acquisition in the particle characterization space, and provides a unique opportunity to build a leading, highly differentiated offering with a very strong competitive position, as I've said. But we will, we will be able to offer customers a comprehensive and fully integrated suite of instruments as a single supplier, which will improve efficiency and enable deeper analytical insights for our customers. The addition of Micromeritics' technologies and capabilities, alongside Malvern Panalytical's, will provide the broadest offering in the market and enable the comprehensive characterization of particles by detailing their size, their count, surface properties, and their behavior. If you like, supporting the entire customer workflow from fundamental research through product development to quality control and assurance. And as well as having highly complementary product portfolios, it will also strengthen our offering in the rapidly growing clean tech markets, as well as the traditional industrial technology markets, and it will provide a great opportunity to leverage our respective geographic strengths. As well as putting us at the forefront of an exciting global opportunity, this transaction fully meets our stated capital allocation framework. The upfront consideration is $630 million, with a $53 million earn-out based on performance for the financial years ending December 2024 and 2025. This equates to an 18 times multiple based on 2024's expected EBITDA of $35 million, or, if you like, under 14 times when including just run rate cost synergies. As I've mentioned, we see significant upside potential to this, though, through additional revenue synergy opportunity. As well as being immediately accretive to revenue growth and margin, the acquisition will also be accretive to EPS in year one. As you can see on the slide, the transaction will also generate strong returns for our shareholders, exceeding our cost of capital in the third full year post-acquisition, with strong double-digit returns thereafter. To fund the deal, we are making use of our strong balance sheet, using a combination of existing cash resources plus new external debt, with leverage for the group expected to return to around one times EBITDA by the end of next year. And that includes the completion of the remainder of our GBP 150 million buyback program and the acquisition of SciAps, that we announced just the other week. And with that, I'll hand over to Derek, who'll take you through the transaction in more detail before we both come back to take your questions. Thank you. Thank you, Andrew, and good morning, everyone. As Andrew has said, Micromeritics is a great business, a leader in particle characterization with a large and diverse customer base and an attractive financial profile, and it represents a wonderful addition to the group. I'm really excited about what Micromeritics will bring to the scientific division. Like Malvern Panalytical, Micromeritics provides a broad solution offering, covering best-in-class instruments and software delivered alongside deep scientific and applications knowledge, as well as a strong service offering. It has an established presence in both the fast-growing clean tech market and the industrial tech market, and like Spectris, is benefiting from the strong secular trends that are shaping our world, including, among other things, the high levels of technological innovation, the electrification of everything, and decarbonization.... It has an established operational and R&D footprint, and a global sales force, providing high levels of customer intimacy and after-sale service. Like Spectris, Micromeritics is geographically diverse and has a global reach with a presence in a number of important markets. While Micromeritics is present in a lot of the same countries as Malvern Panalytical, we have a great opportunity to leverage each other's respective strengths in certain markets, to not only increase penetration of each other's offering to existing customers, but also to reach new customers with what will be a unique and compelling offering across the entire customer workflow. And while Micromeritics already generates over four-fifths of its sales directly, there is an opportunity to increase this proportion over time. As you've already heard, Micromeritics has a proven track record, with strong sales growth, including compound growth of nearly 19% over the last three years. Operating at the premium end of the markets where it plays, it has attractive margins, underpinned by the strength of its technology, its end-market exposure, and track record of innovation, and new product development. Like Spectris, Micromeritics is an asset-light business, with CapEx of around 2% of revenue, and expects margins to steadily expand over the coming years on a standalone basis, through volume leverage and drop-through of sales growth, new product launches, and the implementation of the Spectris Business System. Micromeritics is a critical enabler of rapidly growing end markets, with a total addressable market today of over $400 million, with a healthy share of the overall market of between 25%-30%. Around 40% of its sales come from the clean tech market, which is growing at a rapid pace and includes hydrogen, fuel cells, carbon capture, and advanced batteries. As you can see from the slide, these areas are expected to grow well into double digits for the majority of the rest of this decade. The remaining 60% of sales are in industrial tech, covering material science and chemicals, plus a diverse set of high-growth industrial tech end markets, which are expected to grow in aggregate at around 7% over the same time period. Built on the strength of their offering, and as part of Spectris, Micromeritics is extremely well placed to take advantage of this growth and build on their already strong market position. Now, I don't intend to get into too much technical detail on the next three slides, but for me, they really emphasize the complementary nature of Micromeritics and Malvern Panalytical's portfolio, and the strength of the combined offering going forward. On this slide, you can clearly see, side by side, the 10 distinct core measurements that each business specializes in when characterizing a particle, each of which does something different. For Micromeritics, it's surface area, porosity, density, powder flow, and particle activity. For Malvern Panalytical, it's particle morphology, essentially the size and shape, zeta potential, composition, structure, and molecular interaction. This slide shows how strong combination becomes when applying these measurement capabilities to a number of end markets. As you can clearly see from the solid shading, the breadth and depth of coverage provided by the combined offering, with the blank areas denoting measurements in end markets that are not applicable. Together, Malvern Panalytical and Micromeritics will provide the broadest particle characterization offering in the market, with a single suite of integrated instruments across customers' value chains from a single provider. It will provide significant opportunities to sell a broader range of products to existing customers, and win totally new customers with a unique and differentiated solution portfolio. The strong cross-selling opportunity can be illustrated by the fact that 60% of customers using instrument types offered by either Micromeritics or Malvern Panalytical are not customers of both providers today. Then, very briefly, this slide shows a more practical example. In this case, for advanced batteries, of how the instruments and techniques would be used across the customer workflow, from ensuring the quality of battery input material to battery manufacturing itself, covering electrode coating and cell manufacturing. Each instrument is doing something unique and something important in the customer's workflow. As we have already mentioned, the transaction creates significant opportunities to create value through synergies. On the cost side, these synergies will be derived from driving economies of scale across a number of areas, namely sourcing and leveraging greater purchasing power, optimizing how we go to market across the globe using our sales and marketing resources, and there are also opportunities to maximize efficiency across back office functions through harmonizing our systems and our processes. We estimate the annual uplift in EBITDA associated with the cost synergies on a run rate basis to be GBP 12 million, with substantial revenue synergies generating an equivalent of EBITDA as the cost synergies. From a geographic and go-to-market standpoint, leveraging the respective strengths of both Malvern Panalytical and Micromeritics in key territories. For example, Japan, where Malvern Panalytical has a strong presence, and in North America, where Micromeritics has a strong presence. Additionally, we see an opportunity for Micromeritics to leverage Malvern Panalytical's strengths in research and academia. And And then finally, we anticipate an uplift in the proportion of Micromeritics sales derived from services. Moving on to talk about our approach to integration and organizational structure. We expect Micromeritics to be fully integrated into Malvern Panalytical within 12-18 months post-close, using our tried and tested integration playbook, with detailed plans for each functional area. From an organizational perspective, we do not anticipate making any changes in 2024, with the teams focusing on delivering the year. And as you'd expect, we will look to ensure that the best talent, skills, and experience are used to take the business forward to the next stage of development, with the addition of Micromeritics providing fantastic opportunities for people to learn, share best practices, and develop their careers. Operationally, we will look to deploy the Spectris Business System and toolkit to drive lean, and in time, deploy Malvern Panalytical's technology, processes, and systems. As Andrew has said, we expect completion to take place in the third quarter, subject to customary competition conditions and regulatory approvals. As you know, we recently announced the acquisition of another great, fast-growing business in SciAps, which will also be part of Malvern Panalytical. SciAps handheld analytical instruments are used to identify critical compounds, minerals, and elements underpinned by two proprietary technology platforms, X-ray fluorescence and laser-induced breakdown spectroscopy (LIBS). In short, their portable analytical instruments allow customers to measure any element, any place on the planet, bringing the measurement even closer to the point of use. From a technology perspective, the addition to Malvern Panalytical creates a highly synergistic combination. The SciAps handheld portfolio used in the field, complementing Malvern Panalytical's range of laboratory and benchtop equipment, which, when combined, will provide a comprehensive suite of technology offerings in attractive end markets, including green metals and mining, recycling, batteries, pharmaceuticals, and agriculture. Led by an experienced management team, SciAps' strong track record of growth is expected to continue well into the future. As a high-growth, high-quality business, SciAps strengthens Spectris' position in a number of key end markets. It accelerates Malvern Panalytical's digital strategy and further enhances our North American offering. SciAps is expected to deliver sustained future growth, significantly ahead of our 6%-7% group medium target. In consideration cost of an upfront amount of $200 million, plus a deferred element of up to $60 million, payable on the delivery of agreed financial metrics. We have calculated a conservative estimate of around $6 million of synergies, which when applied to the expected outcome for 2024, represents an EV-EBITDA multiple of 14 times. The acquisition is expected to generate strong financial returns and to exceed our cost of capital by the end of the third full year post-acquisition, and will be accretive to earnings in the first year of ownership. So let me sum up. In Spectris Scientific, we are building a leading and highly differentiated position with fully integrated offering in advanced material analysis. The acquisition of Micromeritics and SciAps are highly complementary and synergistic, strengthening our offering in a number of attractive end markets. And finally, the combination of these businesses, which share a common purpose, set of values, will generate strong returns and growth well into the future. And with that, Andrew and I are happy to take your questions. We will now start today's Q&A session. To register a question, please press star followed by one on your telephone keypad, and to withdraw your question, please press star followed by two. Our first question today comes from Elliott Robinson from Bank of America. Your line is now open. Please go ahead. So hi, it's Elliott from Bank of America here. One quick question. How much of this is going to be funded by debt, and how much is it gonna be funded by equity? And do you have any sort of idea of what the interest will be on that incremental debt? Thank you. Yeah. Hi, Elliott. It will all be funded by debt or a combination of cash on our balance sheet and debt. And the interest charge, obviously, we're still in the process of negotiating that, but it'll be in the sort of range of 5%-6%. Perfect. Thank you very much. That's all from me. Our next question today comes from Mark Davies Jones from Stifel. Your line is now open. Please proceed. Morning. Thanks very much. Could you talk a bit more about the fit in terms of, of product and, specific application? Is there any overlap at all in terms of what Malvern Panalytical does today and what these guys do, or is it all additional? And can you touch a little bit more on that overlap point? You said 60% of existing customers, if one or the other don't take the other, is, is, is that what you're pointing to? Yeah. Morning, Mark. Yes, that... Oh, sorry, Andrew, do you want me to go? Yeah. Okay. Yeah, sorry. Morning, Mark. Yes, we are saying 60% is where one customer has our product or their product, but not the same brand as the alternative, so the opportunity to cross-sell is significant. I think that there's no technical overlap at all between the products. So if you actually look at our equipment and their equipment, it can look quite similar, it can look the same, but the actual, the measurements that Micromeritics take, and the measurements that Malvern Panalytical take are different, but completely complementary in the workflow. So we will be the only provider in the market that gives this whole range of 10 different measurements that are needed in the development of a whole host of things, as I set out in the presentation. In clean tech, pharma, you know, any kind of particle material analysis, that overlap's not there. So if you look at the Micromeritics products, they look at things like porosity, powder flow, chemisorption, which is sort of how active they are as catalysts, surface area, density. Whereas you look at our products, we look at size and shape, zeta potential, those sorts of things. So they're completely complementary in terms of the measurements that are taken. Mark, today- Great. I think that's very clear. Just me. Yeah. As a board, we actually visited a large European chemical manufacturer in October of last year. They kindly took us around, and we were in their product development, as well as QA and QC labs. We, you know, saw, you know, the Micromeritics instruments sitting on the same bench alongside the Malvern Panalytical. So, you know, everything that Derek's just taken you through, plus, you know, our XRF instruments, XRD instruments, plus laser diffraction, our Mastersizer, you're all sitting there, you know, side by side with Micromeritics. So this is, you know, this is a highly, highly complementary fit. There's no cannibalization here. You know, these instruments are unique to Malvern Panalytical and to Micromeritics, where, you know, as a combination, are bought by the same customers. And just to reinforce Derek's point in your question, you know, there's a big opportunity to cross-sell to customers who buy today from Micromeritics and from us, but don't buy from us both together. And we see that as a big, you know, opportunity in terms of driving the revenue synergies, which, as you see, we've not sort of baked into the sort of post-synergy run rate multiple either. Fantastic. If I can ask one, slightly different one. With both the acquisitions- Sure. have a big chunk of exposure to clean tech end markets, which is great, and obviously we can see the long-term structural growth. But is there any nearer term risk, particularly on a change of regime in the U.S., which looks increasingly likely? Some of that at least is regulatory driven, some of the carbon capture storage in particular. Is that a concern over the next couple of years, or do you think the opportunity is big enough and global enough, that we shouldn't worry about that? Look, I think, I think, you know, I think it's quite clear that the long-term growth trajectory for clean technologies is huge. I mean, the IEA came out in the last few weeks with their latest report, and they over the next 10 years, they say there's gonna be more money invested in clean tech than there is in oil and gas, you know, development. So I think, you know, that sort of, you know, just helps to sort of size this year amount of investment that's gonna go in. I think, you know, it's quite clear also that we, you know, we will see short-term fluctuations. This isn't necessarily gonna be a linear trend, but it's gonna be one of, you know, very long-term positive growth, where the gradient over time remains, you know, very positive. So, you know, we, we still, you know, regardless of some of maybe the sort of short-term politics that may go on, you know, we still see this as a very long-term attractive market. You know, not just in batteries, but also you know, in the hydrogen economy, that's, that's both, you know, sort of green and blue hydrogen, and then, you know, progressively into carbon capture as well. But I think, you know, the other thing is, you know, to, as part of this deal is to remember, is that, you know, 60% of Micromeritics' revenue is underpinned by industrial tech, which is sort of more into the sort of chemical semiconductors, you know, sort of general sort of materials development, as well as academic research. And you know, within that year, that we still see strong, healthy demand, you know, growing sort of 7%, you know, helps underpin, you know, the investment case regardless, you know, clearly, we're excited by the clean tech opportunities, but there's a very strong base of, of Micromeritics instruments that are seen as the gold standard in that industrial tech part of the market, which again, is, you know, is very attractive to us. Thank you very much. Our next question today comes from Harry Phillips, from Peel Hunt. Your line is now open, please go ahead. Good morning, everyone. Just three brief ones, please. Just in terms of the synergies and any sort of cash cost, cost associated with them and the—I hate this word, but timeline in terms of their sort of drop through, and maybe for both, both the proposed acquisitions. The second is just in terms of the competitive environment, are there any names might be familiar with as to who sort of line up here? And in that context, was this a sort of competitive process or an organic one? Yep, that'd be it. Thank you. Thanks for your questions, Harry. Let me answer your second and third question, then I'll ask Derek to comment on the synergy realization. I mean, in terms of competitive environment, excuse me, we know this market really well. You know, as I said, you know, we sell to the same customers, and we're very, you know, very aware of who the competitors are, you know, from a supply perspective in this market. Micromeritics is the leader, it is the gold standard. So it's very akin to sort of our Malvern Panalytical business in terms of, again, providing gold standard instruments at the premium end of materials analysis. And so, you know, so we, we understand the competitive landscape very well. We're a leader, Micromeritics is a leader, and in combination, you know, it firmly puts us as the number one player with a really differentiated offering. I mean, we're the only one that will provide a comprehensive offering. You know, it'll be the broadest offering in the market. That puts us in a very strong, competitive position. So from that perspective, you know, we absolutely understand the market and what we're creating here, which is really exciting. Then in terms of the process itself, I think your question's about the sale of Micromeritics. Yes, it was a process. It was very active. You know, as I said, you know, my introductory comments, I mean, we've been tracking this business for a number of years, 'cause we've always seen it as being a perfect fit alongside Malvern Panalytical. You know, we've cultivated a relationship with the sellers as well as management in the business, and clearly, that's helped us, ultimately, you know, be successful to, you know, get a great business and attractive price. And Derek, do you want to comment on the synergies point? Yeah. So Harry, in terms of the synergies, I mean, there's a lot of overlap in terms of the routes to market, the go-to-market, some of the physical locations. So that will be the initial area of focus. We obviously then also have the opportunity with our systems and processes to gain efficiencies. In terms of the cash cost and the actual scale of those, I think that'll be something we'll give you an update on slightly later in the year. Obviously, we're only now announcing the deal, so this has been a very tightly held process within both the Micromeritics team and the Spectris and Malvern Panalytical teams. Now that it's public, we'll be able to sort of work up in much more detail the synergies and the integration process. I did also make the comment, though, that 2024 is really a year where both businesses will focus on delivering their existing plans, and then much of that integration will take place during the course of 2025. So I'll give you a better, a better handle on the cash cost and the phasing and the timeline later this year. And just on a sort of crude basis, just on what you're saying, Derek, if you sort of assumed exit 2025 with the sort of highlighted synergies for both acquisitions, sort of in there, would that be a sort of? Yes. I think that's reasonable. Or not? So, on a run rate basis, I think that's a fair assumption. A 26 number would have those numbers- Both of it. Through, obviously, timing to be sort of to come on, on- Schedule as we go. Facing points to that. Yeah, brilliant. Lovely. Yeah. Thanks very much indeed. I think that's fair. Our next question today comes from Bruno Gjani from BNP Paribas. Your line is now open. Please go ahead. Thank you for taking my questions. I just wanted to get a better sense of longer term growth for this asset, because you called out 2021-2024, and the 17% CAGR. But what does growth look like if we look between, say, 2015-2019, or over the last 10 years? I'd be keen to get a better understanding of the long-term growth profile of this asset. Bruno, thanks for your question. I mean, look, you know, we're not privy to all of that detail as part of the sale process. But, you know, we did have a look at the business early on in my tenure. And at that point, I mean, I haven't got the numbers at the top of my head, but, you know, this has always been a strong business that's been highly regarded by customers. You know, and I think it's, you know, we've given you the numbers, the last few years, you know, which have been, you know, equally very strong and been slightly stronger than we have achieved over that time period, which I think underpins the quality of the Micromeritics portfolio, technology, and the innovation they continue to deliver to the market. Mm-hmm. Yeah, understood. Yeah. And just, I guess, in terms of cyclicality, what did we see in 2020? How did sales and how did this business trade then? Scientific, I gather, was down close to 11%. How did Micromeritics fare? I think it's they fared in a very similar way to what we saw in Malvern Panalytical at the time, you know, given their similar exposure. So, you know, nothing untoward in that. You know, and great to see- Mm. The strong, strong rebound and recovery since, you know, clearly, you know, driven heavily by sort of, you know, their, their strong positioning, in, particularly in clean tech markets, you know, which we anticipate to sort of be growing around sort of 17% for the next few years. But as I said, equally, 60% of their revenue is underpinned by industrial tech, which is sort of growing more like 7%, over the next few years. So, you know, very strong double-digit growth opportunity, going forward. And all the trends within this business. Sorry. No, I was just gonna build, Bruno. Obviously, there's the market growth in terms of the end markets and the exposure they have to the structural growth areas. I think the other thing to notice, though, is that overlap or lack of overlap point. So the ability to take share growth by the complementary nature of what Micromeritics does and Malvern Panalytical does, gives us confidence in the growth projections that we've got in the model. And I think the unique proposition as well, as I said earlier, the 10 measurements all the way through the workflow, nobody else will be able to do that. So that gives us a, you know, a confidence in terms of our- Mm. opportunity to drive growth. We haven't put revenue synergies into our justification, but we think there are significant ones available. The only thing I couldn't quite understand is why Micromeritics, on a standalone basis, is expected to grow at a faster rate than Scientific. Is it that clean tech exposure? Is it an end market dynamic or particular exposure to a geography or territory? What drives that, I guess, richer growth profile for Micromeritics relative to Scientific? Yeah, it's predominantly, we know the fact that, you know, 40% of their revenue is sort of focused on very high growth clean tech, and say 60% or more on the industrial, traditional industrial tech markets. So they have a higher skew to that clean tech activity than Malvern Analytical does, and the rest of Scientific does currently. Mm-hmm. And just on the clean tech side, what about the old energy exposure? Well, what is it today for the business? And I guess, how do you expect that to pan out over the next five to 10 years? Yeah, Bruno, I don't think it's particularly significant. I mean, you know- Mm. -the majority of, of, you know, of, of what Micromeritics does is, you know, is not, is not focused on sort of oil and gas exploration or midstream. You know, clearly there's quite a bit of sort of, you know, downstream chemicals, petrochemicals that's involved in it, as, as are we within Malvern Panalytical. And as we are within Servomex as well. But yeah, they cover, you know, semiconductors, you know, and, you know, as well as a broad range of other material analysis. So, I don't think, you know, if, if your, if your question is specifically about sort of, you know, oil and gas exposure, then it's- Mm. It's not significantly significant. Okay, and that's understood. Just lastly, on the order dynamics at Micromeritics, is it sensible to assume it's fairly similar to what's panning out in Scientific, or are there different trends playing out for it? I think we, as I say, we've noticed similar trends. But, you know, again, you know, as we, as we look forward, we see, you know, a strong pipeline of opportunities. You know, there's, you know, both, both driven by the market, but as Darius just said, you know, again, you know, by our opportunity to cross-sell and take market share, and to drive, you know, greater value for our customers, you know, and get, you know, a greater share of all the customers as a, you know, as a consequence of being a much, you know, much more meaningful, fully integrated player. Okay. That's very clear. Thank you very much. Our next question comes from Tor Fängman from Bank of America. Your line is now open. Please go ahead. Hi. Thank you for taking my questions. I got three more. First would be, when do you expect to pay the deferred element? Will this be in early 2026? Okay, I will take your questions one at a time then. Yeah, so, so there's two elements- Yeah, sorry. Sure. Let's do it this way. Yeah. So there's two elements to the deferred payment. The first is in relation to 2024's financial performance, so the EBITDA delivery this year. And the second is in relation to the revenue achievement, the revenue growth per the acquisition business plan or the seller's case in for 2025. So, you know, basically, excuse me, I have a bit of a cough. You know, that underpins this year's financial performance, but also underpins the expected revenue growth for next year. So, you know, they're both performance-related earn-out. Okay. So, you would expect one part in early 2025- Sorry ... I guess, and one in early 2026. Right. Yeah, broadly- Okay. It's broadly 50/50 in terms of that $53 million- Okay ... of earn-out. Yes. Well understood. Second, we already had one question. The funding, I understood, will be partially the balance sheet cash. One part will be financed by new raised debt. Could you give us a split? Will this also be, like, 50/50, or do you not, don't disclose this by now? Yeah, so it, it's more just a cash flow point. So we have cash on our balance sheet at the moment, and between now and the end of this year, we will pay for the SciAps acquisition, or the first payment in the SciAps acquisition that we announced earlier this month. We will pay for the initial payment of this acquisition, and we will complete our share buyback with a further 100 million. So, we have the capacity to do all of that, initially spending the cash that's on our balance sheet, and then the remainder will come from debt, that we will now go to the market and put in place, sort of a longer-term debt package over the second half of this year. So it's not a question, it's partly the timing in terms of the funding. Just because of the timings, we're not quite sure when each deal will close. So I think, in reality, it's likely to be that the Micromeritics deal will be part cash, part debt in terms of the flow, and then the SciAps will all be debt, and then the buyback will flow across the entire period. So it's not specifically structured for each deal. Okay, good. If that makes sense. Yeah, we'll just put- Yeah, yeah, it's fine. Thank you. That's good. I would have one last question. Might be a bit of a dull one, but just please clarify for me. The run rate cost synergies, is this what you expect in total? Basically, let's say, by the end of 2025, or is it— do you expect GBP 12 million really in annual, so basically GBP 12 million in 2025, GBP 12 million in 2026? Yeah, so it becomes a run rate. What we're basically saying is that we can reduce the cost base of the combined businesses- ... as a result of integrating them by 12, and we hope to have most of that done during 2025, which then it gives you that recurring benefit into the future. Okay. Thank you. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad and star followed by two to withdraw your question. Our next question comes from Margaret Schooley from Redburn Atlantic. Your line is now open. Please go ahead. Yes. Good morning, gentlemen. Thank you for taking my question. I just have one. Can you expand a bit more on Micromeritics service element? Because you specifically highlighted that that's an opportunity with which you think you can enhance. So, has this just been more immature? Have they not exploited it? And can you just help us understand, perhaps orders of magnitude, and what that recurring revenue opportunity may be? And then, given they are complementary offerings to Malvern, is that also an opportunity to increase your service element there as well? Yeah. Hi. Hi. Morning, Margaret. I mean, it's similar in some ways to what we do at Malvern, where we have calibration services, and we have machine maintenance services. And increasingly, we are rolling out our Smart Manager program at Malvern Panalytical, which gives us the ability to digitally access machines and equipment and understand their service requirements, and we'll be able to do that across Micromeritics over time. The business also provides, on a service basis, some lab capability for certain customers to do testing as part of their sales process, but they're able to charge for that service, and we do a little bit of that within Malvern Panalytical, but Micromeritics does much more. And again, I think it's the combination of the two sets of instruments that gives us the ability to go and demonstrate capability with customers to try and help them understand, you know, their products, their particles, and where we can go. In terms of orders of magnitude, their service revenue is around about 30% of their overall revenue, similar to us. And that's obviously a recurring revenue throughout the cycle. Thank you. That's very clear. Appreciate it. Our next question is a follow-up from Bruno Gjani from BNP Paribas. Your line is now open. Please go ahead. Bruno, your line is now open. Please go ahead. It looks like we're getting no audio from Bruno, so we will move on. We have no further questions in the queue at this time, so I'll now hand back over to Andrew Heath for closing remarks. Well, thank you again for joining our call today. I'd say we are really pleased we've gotten Micromeritics and to get it at such an attractive price. It really is a perfect fit. It's also great that Terry Kelly, who's the current president of Micromeritics, is coming on board, joining our team. He'll strengthen the leadership team in Spectris and Scientific, and he will also underpin, you know, the acquisition business plan within joining us. Micromeritics is also a great cultural fit, as Derek's mentioned. We really look forward to welcoming the entire Micromeritics team later in the year. Now, along with SciAps, this positions us as a global leader in the advanced material characterization and analysis market space. Both give us an expanded platform with enhanced capability to capture our rightful share in attractive structural growth markets, delivering enhanced value to our customers and enhanced value creation for shareholders. We are doing what we said we would. We're looking for attractive acquisitions, aligned to our strategy and aligned to our capital allocation policy to deliver attractive returns to our shareholders. We look forward to speaking with you again at the half year results in a few weeks' time. Thank you very much.